Shawbrook Bank ISAs

inspectorperez

I have 2 ISA's with Shawbrook, one a 5 year fixed term and the other of 2 year duration.

Received a text today from Shawbrook which reads ".....Your ISA is now open to fund your account for 2021/2022 tax year . Please transfer from your nominated account and not e that funds transferred over Easter........ will not be credited until 6 April......."

I'm a bit puzzled as to whether any contribution will be added to one of the existing ISAs (T&Cs remaining the same) or whether a new ISA account will be opened (if so, what are the T&Cs). Has anyone else received this text message and if so, do you know what the score is please?

I have sent a secure message to Shawbrook but don't expect an early response because of holidays etc.

AlwaysLearnin

My Mum got the same text. She's on a fix, so pretty sure that she can't add more funds. We therefore concluded that they were just advising that if you fund one of their cash isa's after that text but before the 6th April, then it would count as a 21/22 contribution. 

inspectorperez

Just an update to my original post which may be of interest to AlwaysLearnin. After speaking to Shawbrook this morning, I was advised that I am allowed to invest my 2021/2022 in my Fixed 5 year ISA as that particular product (Issue 12, launched 2018) was still open for further funds. Really good news as it is paying 2.23% which I know is peanuts, but better than anything else you will get in the Cash ISA market at the moment.

Needless to say two contributions going in tomorrow for myself and the missus!

AlwaysLearnin

It certainly is of interest, thanks very much!

We were going on the following from the Key Product Info sheet we found (my bolding):

"We reserve the right to withdraw this product in accordance with Shawbrook’s terms and conditions for Personal Savings. If we do withdraw it, you can still get your money out of your account (at the end of the fixed term or prior to the end of the fixed term, subject to an early exit charge) but you cannot put more money in. If we withdraw a product, it will appear in the ‘Withdrawn Products’ section of our website. If you are considering making further deposits, we suggest you check our website first or call us on 0345 266 6611 to see if the product is still available."

The product mum has is long gone, so we assumed no further deposits allowed.  Were they definite in their response? 

We'll check with them tomorrow to see if it applies to Mums issue too - like you say, much better than anything else available at the moment (and the foreseeable future I'd guess....)! 

inspectorperez

Yes they were definite and the key determinant factor appeared to be "Issue 12".

I did not ask for anything to be put in writing, but I am sure I will find out quickly if there is a problem either by rejection of the newly invested funds or shortfall in expected monthly interest.

"Once Your account is open and subject to the account conditions in the Key Product Information You can make additional deposits to Your account at any time from Your Nominated Account, until the product to which that account relates is closed to new applications (which You can check on the “Withdrawn Products” section of Our Website) or additional funding (which You can check in the Key Product Information). We reserve the right to return any funds deposited with Us after this date. For certain products, You may be able to make deposits even if it is withdrawn if the Key Product Information applicable to that product allows it."

The above is an extract from my T&Cs which I believe is consistent with what I was told.

AlwaysLearnin

Thanks for that

inspectorperez

All done and dusted. Great result and feels like an unexpected bonus!

Who would ever have thought that you would get excited by a 2.23% rate?

AlwaysLearnin

Mum topped hers up too.  She was very happy!  Thanks again.

In case of any use to others, we were told that if the 'Account Status' (found under the 'Account Information' drop down of 'Account Details') is "Active", then funds can be added. 

inspectorperez

Really impressed with Shawbrook Bank.

On further enquiry, it appears that I am able to transfer my 2 year Cash ISA into the 5 year cash ISA without penalty and thus take advantage of the higher rate of interest.

It's been a "win win" and have to say they are a pleasure to deal with!

Albermarle

Seems that they are being very generous for a bank !

Hammer_Time

Can you transfer from another ISA or is it new money only?

Thanks